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Nairaland Forum / Nairaland / General / Politics / Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date (16910 Views)
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Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by RexTramadol1: 8:56am On Jan 15, 2020 |
Thieves everywhere 1.5billion dollars Wait! Everyone has seen Nigeria as Man United that they can dupe anyhow bah? |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by grandstar(m): 8:59am On Jan 15, 2020 |
urahara: Imported steel is bound to be far cheaper than the locally made one. This will place local users of steel at an uncompetitive position.. It just isn't fair. There's a glut in steel on the world market 2 Likes 1 Share |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by urahara(m): 9:01am On Jan 15, 2020 |
grandstar: Normal na. But if Chinese steel is so cheap , how does POSCO cope ? Does South Korea ban steel imports too ? 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by grandstar(m): 9:07am On Jan 15, 2020 |
urahara: I don't know. There was a time south Korea was exporting massive amounts of steel to China. 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by simiife: 9:15am On Jan 15, 2020 |
Timekeeper: AMEN,they are all hypocrite 1 Like 1 Share |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by urahara(m): 9:16am On Jan 15, 2020 |
grandstar: Then maybe the China dumping of steel is not as bad as we thought. |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by MANNABBQGRILLS: 9:18am On Jan 15, 2020 |
simiife:Thanks for the heads up Simi. They are all a waste of time and space. They are better left ignore. 1 Like 2 Shares |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by omohayek: 9:19am On Jan 15, 2020 |
urahara:POSCO first tried to cope by diversifying away from steelmaking into unrelated businesses like trading and energy, but that strategy didn't work. Now the company is moving upmarket by concentrating on specialized types of steel for more demanding customers like carmakers; since POSCO can't beat the Chinese in more mainstream varieties of steel, it's also decided to team up with them, by tying up with companies like HBIS in joint ventures. https://www.just-auto.com/news/posco-joins-forces-with-chinas-hbis-in-high-end-auto-steel_id192570.aspx All the cheerleaders for Ajaokuta on here are utterly deluded, ignorant of both economic realities and the project's 40+ years of utter failure. As Ajaokuta was based on outmoded Soviet technology, it was already obsolete at the time it was supposed to be handed over in 1982; is it now, when even the most modern Russian designs can't even dream of competing with China, that Ajaokuta is suddenly supposed to become a self-financing production wonder? The most senseless thing about all of this is that steel isn't even a high-margin business. People with sense would realize that the future lies with more knowledge-intensive fields like software, machine-learning, biotechnology, etc., and that all the money being poured into useless white elephants like Ajaokuta and the refineries that are perpetually in "turn around maintenance" would be far better spent investing in higher-quality universal education for Nigeria's rapidly expanding youthful population (and on family planning for their overly fecund parents). But that would be hard work requiring a long-term effort, and with no new shiny plants or buildings for illiterates to gawk at, so neither the ignorant Nigerian masses nor their equally ignorant political leaders take an interest - not even when the advice is coming from someone like Bill Gates! 5 Likes 1 Share |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by Successlane: 9:20am On Jan 15, 2020 |
LyfeJennings: .. do you wish yourself evil? …..you are still a kid …… very very childish talk. 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by juman(m): 9:21am On Jan 15, 2020 |
Tales by moonlight stories. |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by AmTruth: 9:26am On Jan 15, 2020 |
Following what has happened in the Lagos to Ibadan railway, we hope such can be replicated on this Ajaokuta steel complex. With determination from the President and the Russian government this can be achieved and we look forward to that. |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by urahara(m): 9:29am On Jan 15, 2020 |
omohayek: They should just sell it !!!! If at the end of the day it becomes operational , I know for sure it will simply be a loss making enterptise as with all other things Nigeria govt owned. 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by Brunicekid(m): 9:30am On Jan 15, 2020 |
opportunes:If this is true, then am happy Ajaokuta steel is rising up. |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by omohayek: 9:32am On Jan 15, 2020 |
urahara:The economic reality of "dumping" - in so far as it actually exists - is that it represents a net transfer of wealth from the producer to the consumer, as it means the producer is subsidizing the product. None of us would call ourselves worse off if we could get valuable products for less than it cost the manufacturers to make them, but suddenly when this happens across international borders it's made to sound as if it were something terrible. If "dumping" across countries were so terrible, then it would also be a bad thing when it happens within countries, as the only difference between the two cases is an artificial border. There is a theoretical antitrust argument to be made against "dumping" in so far as the "dumpers" are able to make monopoly profits once they have driven out all competition, but in practice that has hardly ever happened, especially not in a commoditized business like steelmaking. The real reason why "dumping" has such a bad reputation is that domestic manufacturers who cannot compete have a very strong incentive to seek protection through tariffs and import bans, and emotive appeals to nationalism are a proven way of obtaining such special treatment. As the saying goes, patriotism is the last refuge of scoundrels, and manufacturers who appeal to it do so purely out of self-interest. 4 Likes 2 Shares |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by omohayek: 9:38am On Jan 15, 2020 |
urahara:That is actually the biggest paradox about the excitement over this announcement, bigger even than the failure to understand how much has already been wasted on Ajaokuta over the decades. Why on earth would any sane Nigerian expect a government which can't even maintain basic roads - to the extent that a private actor like Dangote is now doing the FG's job for it in Apapa - to be able to manage a steel plant, even the most efficient and modern one? Don't we all know by now what happens when Nigerians get their hands on a parastatal, how they staff it with incompetent "federal character" appointees who in turn pull in their relatives and cronies to sleep on the job when they aren't asking for bribes, embezzling funds and selling off equipment? It's as if Nigerians think Ajaokuta would be staffed with a special new breed of Nigerian civil servant entirely, rather than the same lazy, crooked, tribalistic, incompetent deadweights they see in every government office across the land. 8 Likes 2 Shares |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by Bgorgeous: 9:44am On Jan 15, 2020 |
This project is never going to be completed since I was born , money just keep going in without result. Why not send all these monies to revamp our refineries and stop paying subsidies |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by Nobody: 9:45am On Jan 15, 2020 |
omohayek: that's even if they ever complete it, which is highly unlikely for an administration that's been known to commission unfinished bus stations... another drainpipe has just been installed into Nigeria's treasury, for the benefit of members and associates of the APC... 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by lexy2014: 9:50am On Jan 15, 2020 |
Blindersoff: Dude, where in d article did u see this claim that u made that "The commitments by Russia and Nexim have already been put in writing and endorsed so the next stage is work completion". That's not true because d article says: "Adegbite said the Federal Government was expected to sign a Memorandum of Understanding with Russia along with the two organizations" Its talking about something that hasn't been done and u are claiming that it has been done. So u already sharing falsehood. According to u: "This one is 100% reality much like most of Buharis projects" That is why I shared with d promises made by this administration to fix d refineries first in 2015 and 2016, then in 2017, then it shifted it to 2018 and finally to 2019. D refineries are still moribund. Does this not fall into d category of buharis projects? 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by sulaak(m): 10:02am On Jan 15, 2020 |
The biggest con in Nigeria. A country that can't manage modern oil refineries will now waste a further $1.5 billion on an antiquated steel plant. Why not hand the plant over to the Russian and let them invest their own funds to complete this historical relic. 3 Likes 2 Shares |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by sulaak(m): 10:06am On Jan 15, 2020 |
omohayek: Bro, some Nigeria are dreamers |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by RaptorX: 10:21am On Jan 15, 2020 |
Ajaokuta is obsolete and this umpteen attempt at reviving it again is doomed to failure. 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by lexy2014: 10:33am On Jan 15, 2020 |
Blindersoff: lexy2014: In addition, be informed that $1b was allocated for d completion of ajaokuta in 2018. If that is d case, y does d govt now need an additional $1.5b when Adegbite says ajaokuta is already 95-98% complete? 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by Blindersoff: 10:56am On Jan 15, 2020 |
lexy2014: Perhaps you think the equipment required by such a humongous project is the cost of the engine of your Toyota Camry . Why not become their QS and give them a cheaper quote that would also ensure sustainability |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by LyfeJennings(m): 10:56am On Jan 15, 2020 |
Successlane: Oga that place can never ever happen. I first read of Ajaokuta in the then "Tell" or Newswatch magazine in 1990 or so. Do U know how many years 1990 is from now. I remember vividly during the Hope 93 campaign of Abiola when he spoke at length about it. That place is cursed. And look who is calling someone a kid. Smh!!!! I reserve my comment The billions of dollars siphoned on Ajaokuta would develop a lot of cities in Nigeria and still get change. That place can never ever happen 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by tck2000(m): 11:14am On Jan 15, 2020 |
Okigwe: |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by lexy2014: 11:27am On Jan 15, 2020 |
Blindersoff: since u say it is humongous, I was expecting u to do a breakdown. U don't have to be a QS b4 u question certain decisions. Pls read again: $1b was allocated for completion of ajaokuta in 2018. That means, it is expected that d $1b allocated then should have completed ajaokuta irrespective of whatever equipment u are making reference to. And if d $1b wasn't enough for whatever reason, d cost of completion wouldn't amount to $1.5b which is higher than d initial $1b allocated for completion in 2018 taking into cognizance d fact that d minister says that ajaokuta is 95-98% complete. It means $1.5b is being allocated for d remaining 3-5% of d completion. Does that sound like a judicious use of funds? U don't have to be a rocket scientist to figure that it doesn't sound right except u just want to support anything as long as it is buhari 2 Likes 1 Share |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by 9jaArea: 11:49am On Jan 15, 2020 |
This is the reason I prefer someone in his inner cycle to succeed him. Maybe an Osinbajo, Fashola or Ameachi. Though it's going to be a tough one for Ameachi but we need these three to some how remain in the next government. Ustec: 1 Like |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by FrenchPeter(m): 11:54am On Jan 15, 2020 |
Another scam. Eku iro oooo |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by Blindersoff: 12:45pm On Jan 15, 2020 |
lexy2014: You clearly lack the commonest of sense. So since it is said to be at 95% completion means the 5% left uncompleted must cost a meager sum right? Have you even bothered to jumpstart the part of your brain that reasons right and allowed it to ask the right questions like 1) What is left undone in the steel plant? 2) What if an important upgrade was required after assessment which necessitated the addition 500m? 3) If at 95% completion $1.5b is required to finish the work, could it be possible that they left the most expensive parts as the last parts to be finished? Use your head and stop thinking from the bottom of a bottle of gin like your Otuoke Hero |
Re: Ajaokuta Steel To Gulp $1.5 Billion, Gets 2022 Completion Date by lexy2014: 1:13pm On Jan 15, 2020 |
Blindersoff: Oga, don't get emotional cos in d end u will find out that it would have better if u didn't say anything. When $1b was allocated in 2018, for what purpose was it allocated? B4 it was decided that d $1b is to be allocated, did d govt not know how it was going to spend d $1b so as to achieve d aim for which d money was allocated for? Pls answer this urself 3) If at 95% completion $1.5b is required to finish the work, could it be possible that they left the most expensive parts as the last parts to be finished? because if an amount was allocated for "COMPLETION", then y would an aspect of d work be left out? With all ur brain that u use, aren't u aware that before funds are allocated, a plan is made how d funds will be used? With all ur brain, don't u no that costing is done b4 allocation to arrive at d amount to be allocated? How was costing done for "COMPLETION" and yet u say "they left the most expensive parts as the last parts to be finished?" Does that sound logical to u? Am not surprised at your level of reasoning. With all ur brain that u are using, u are still showing a lot of intellectual deficiency. Look at how u ridiculed urself here: 2) What if an important upgrade was required after assessment which necessitated the addition 500m? Was d cost of completion increased by $500m or by $1.5b? Let me show u something. Now after costing, $1b was arrived at as d amount needed for COMPLETION. If d $1b was able to complete 95-98% of d job, it means that whatever is left of d job shouldn't cost up to $1b not to talk of it now costing $1.5b. I hope I have triggered ur thinking faculty a little bit cos from d look of things u seem to be d one who is "thinking from the bottom of a bottle of gin". Meanwhile, I don't no what grouse u have with GEJ as I don't remember having any discussion with u about him 1 Like |
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